{"id":85340,"date":"2023-10-30T15:58:16","date_gmt":"2023-10-30T12:58:16","guid":{"rendered":"https:\/\/www.instinctools.com\/?post_type=success-stories&p=85340"},"modified":"2025-07-23T09:50:47","modified_gmt":"2025-07-23T06:50:47","slug":"mvp-development-for-a-fintech-startup","status":"publish","type":"success-stories","link":"https:\/\/www.instinctools.com\/success-stories\/mvp-development-for-a-fintech-startup\/","title":{"rendered":"MVP Development\u00a0For a Fintech Startup"},"content":{"rendered":"\t\t
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Full-scale MVP Development For a Fintech Startup<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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How running a discovery workshop saved a fintech startup tens of thousands of dollars on needless software development and enabled the company to craft a trailblazing MVP for venture funds and investors.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Industry<\/strong>:
Fintech<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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DevOps Services<\/p>

UX and design<\/p>

Web Development<\/p>

Software Product Development<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Home<\/a><\/span><\/span><\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Business challenge<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Securing a top-notch development team when building a software product is only one part of the equation. The key lies in defining what kind of product you want to create, who for, and what problems of the target audience it will address. For those operating in highly demanding niches, like our client, this precision represents both a challenge and an opportunity.<\/p>

Instinctools was approached by a European venture capital company<\/strong> with \u20ac800m+ in assets under management. They planned to launch a fintech startup and develop a web platform to consolidate information for VC investors and\u00a0funds.\u00a0<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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The envisioned solution was supposed to:<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\"\"<\/figure>

Present investors with concise, visually appealing information about potential investment opportunities and their terms, rather than extensive 50-page reports<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\"\"<\/figure>

Provide a secure space for communication between funds and investors moving away from traditional emailing<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\"\"<\/figure>

Offer a comprehensive experience for investors, eliminating the need to switch between several systems<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\"\"<\/figure>

Empower funds with automated back-office functions, significantly reducing staff hours.<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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This innovative and far-reaching B2B2C solution<\/strong> had the potential to take the market by storm even as an MVP<\/a>. However,\u00a0the haphazard approach to its implementation put the whole project at\u00a0stake.<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Initially, the client worked with another tech partner who had offered to set up a\u00a0developers-only team for the project. Specifying the requirements and prioritizing features fell under the client\u2019s purview.<\/p>

Here is how it played out. The client outlined the platform\u2019s core idea to their contractor and continued to pile up features throughout the development process. Not surprisingly, those efforts didn\u2019t hit the mark the client was aiming\u00a0for.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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It turned out the client had been draining their budget crafting a solution that veered far from their original vision<\/strong>. Letting multiple stakeholders from different departments define the project requirements on a whim and the lack of a unified product vision between the product owners and dedicated team resulted in a deep chasm between expectations and reality. The developed solution looked like a nice visualized Excel spreadsheet instead of being a \u2028top\u2060-\u2060of\u2060-\u2060the\u2060-\u2060line digital fundraising platform<\/strong>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Despite developing some of the intended features, the team couldn\u2019t pull the whole solution together, and the situation was being exacerbated with each new feature implementation. The web platform benefited no one: not funds and investors, not the client.\u00a0<\/strong><\/p>

The problem required input from a skilled Product development consultant<\/strong>, and since the previous contractor couldn\u2019t provide one, the client started to look for a new tech ally. This time, they decided to search among vendors whose expertise in information security and quality management<\/strong> was backed with ISO 27001:2022 and ISO 9001:2015 certificates. And that\u2019s how *instinctools entered the scene.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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In the project, the main puzzles were lurking at the pre-development stage.<\/span> Our team had to:<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Process the information<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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received from the client and create the project\u2019s Vision&Scope documentation<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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Gather and clear up<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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business requirements along with technical and non-technical constraints<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Prioritize <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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the solution\u2019s features<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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Shape the project\u2019s<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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iterations in line with the features it should have<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Evaluate <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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the current product against the updated requirements<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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Solution<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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At *instinctools, we know how to address the problems of clients who turn to us after dismal cooperation with other tech partners. Sometimes, the situation can be completely muddled. There may be no basic documentation on the project, and it can be challenging for the stakeholders to define how they see the final product. In such cases, we suggest conducting a discovery workshop before diving into the development to frame the product vision into a set of specific actions that would ensure the project\u2019s success.\u00a0<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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What was the value of\u00a0a\u00a0discovery workshop for\u00a0the\u00a0client?<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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